Colors Change To Music?
You can keyframe colour values the same as any other value, the catch is it will only keyframe the rgb values, not hsv.

To keyframe a colour either press I with the cursor over the colour or right-click  RMB and select Insert Keyframe.

While you can then bake a sound into any of the keyed colour channels, it will be an erratic change, not a smooth fade that you most likely want, so you will want to manually key the fade that you want at the right time.